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A: It’s, each federally and provincially. The earnings shall be handled as capital beneficial properties or enterprise revenue, relying on the circumstances. Tax departments anticipate you to maintain a report of the worth, in Canadian , of the cryptocurrency trades you made, on the times you made them.
Q: I’m a salaried worker with employment bills that I typically deduct on my tax returns yearly. This yr, I began a aspect venture that generated a small quantity of revenue (about $250), and bills that I usually wouldn’t be allowed to deduct as a salaried worker. Ought to I declare this revenue as a self-employed individual in an effort to deduct these bills?
A: Are you positive you wish to go down that highway and alter your profile with tax departments? Facet tasks with extra bills than income are an invite to scrutiny. Till and until your new enterprise begins producing vital sums, it’s most likely finest to report the income as different revenue and follow the bills you ordinarily deduct.
The Montreal Gazette invitations reader questions on tax, funding and private finance issues. When you’ve got a question, please ship it by e mail to Paul Delean at email@example.com.